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This excerpt taken from the AAPL 10-Q filed May 4, 2005. Exercise Price. The per share
exercise price for the Shares to be issued pursuant to exercise of an Option
shall be no less than 100% of the Fair Market Value per Share on the date of
grant; provided, however, that in the case of an Incentive Stock Option granted
to an Employee who, at the time the Incentive Stock Option is granted, owns
stock representing more than ten percent (10%) of the voting power of all
classes of stock of the Company or any Parent or Subsidiary, the per Share
exercise price shall be no less than 110% of the Fair Market Value per Share on
the date of grant.
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